<P><FONT size=5>CS：China's Consumer Market</FONT></P>
<P><FONT size=5> 英文 9 March 2007 4页</FONT></P>

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<P><FONT size=4>● We are publishing a report analysing the Third Proprietary China<BR>Consumer Survey by Credit Suisse conducted in November 2006.<BR>● We expect the total value of Chinese consumption will be second<BR>among major countries by 2010 (second to US), and will reach<BR>almost 22% of consumption among major countries by 2020.<BR>● Planned spending declines in quite a number of products,<BR>probably due to price deflation; personal income, while growing, is<BR>slower than that of GDP.<BR>● Some leaders are emerging, including Wahaha and Nestle in<BR>packaged food products; Lenovo in PC; P&amp;G in household and<BR>personal care products; LVMH and Swatch Group in luxury goods;<BR>Sina, Baidu, Tencent and Ctrip in Internet services; Nokia,<BR>Samsung and Motorola in mobile handsets; China Mobile in<BR>telecom services; Singapore Airlines in overseas</FONT></P>